Baruch College Zicklin School of Business logo Zicklin Logo
Personal tools
ZSB Home » Academic Centers » Zicklin Center for Corporate Integrity » Events » Debating High Frequency Trading

Debating High Frequency Trading

Join the Robert Zicklin Center for Corporate Integrity on April 30th to hear from experts on both sides of the High Frequency Trading debate and decide for yourself who's right. The program will be followed by a networking reception.
When  Apr 30, 2013
from 06:00 PM to 08:00 PM
Where  135 East 22nd Street, Room 301, Baruch College's Administrative Building (Between Lexington and 3rd Avenues)
Contact Name 
Contact Phone  646-312-3231
Add event to calendar  vCal

Click on the links below to watch Debating High Frequency Trading
Part 1
Part 2

About the Program

High Frequency Trading (HTF) refers to the use of sophisticated algorithms and powerful computer systems to process securities transactions at exceptionally fast speeds.  Often, these are high volume trades and the positions are held for an extremely short time.  More than 50% of U.S. stock trades are the result of HFT.

Proponents of HFT claim the practice benefits capital markets and investors by reducing market volatility, lowering transaction costs and improving liquidity.  They oppose the introduction of government regulations that may hinder these benefits.

Those concerned with HFT argue that traders ignore or circumvent risk controls in order to obtain speed.  Opponents also point to recent academic studies that seem to indicate HFT actually increases bid-ask spreads and volatility.  They call for regulation ranging from a tax on high volumes of order cancellations to a licensing requirement for HFT firms.

Who's right?  Join us on April 30th to hear from experts on both sides of the issue and decide for yourself.

About the Speakers

SAL ARNUK, Themis Trading


Sal Arnuk is partner, co-founder and co-head of equity trading of Themis Trading LLC. Mr. Arnuk has extensive experience in equities trading and is an expert in electronic trading and market structure. He is also the co-author of Broken Markets -- How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence.

Prior to Themis, Mr. Arnuk worked for more than 10 years at Instinet Corporation, where he headed the team responsible for equity sales and trading for major institutional money managers. He is a frequent speaker at industry conferences on issues involving market access, algorithmic trading and other sell- and buy-side concerns such as Trader Forum, Waters, The National Organization of Investment Professionals (NOIP) and Fusion IQ's Big Picture conference.

He has provided expert commentary for media outlets such as the Associated Press, BBC Radio, Bloomberg Television & Radio, BNN, CNBC, Fox Business, NPR, Barron’s, The New York Times, The Wall Street Journal, USA Today, Time, Los Angeles Times, Bloomberg News, Institutional Investor, Pensions & Investments and Advanced Trading.

Mr. Arnuk also has co-authored articles for Traders Magazine, Dow Jones and Journal of Investment Compliance.

Mr. Arnuk graduated from New York University’s Stern School of Business with an MBA in Finance and received a Bachelor’s Degree in Finance from SUNY Binghamton University.


Bernard Donefer is a Distinguished Lecturer and the Associate Director of the Subotnick Financial Services Center at Baruch College, CUNY.  He is an Adjunct Associate Professor and Fellow, Center for Digital Economy Research at NYU Stern and was previously Adjunct Assistant Professor at Fordham.

Professor Donefer enjoyed a 35-year career in the international financial services industry, working with banks, exchanges, regulators and securities firms in the US, Europe and Asia, before beginning his teaching career in 2003.  He is principal of Conatum Consulting LLC. He teaches “Risk Management for Non-Quants”, “Capital Markets Bootcamp” and the “New Equity Markets” at public seminars and to corporate clients such as the SEC, FRB, DTCC, IIROC, Alliance Bernstein, Getco, ITG, etc. in the US, Canada and Europe.  He has been an expert witness in financial software patent and fraud cases, testifying in federal court.

A frequent industry commentator, Prof. Donefer chaired and moderated panels at algo and hedge fund trading conferences on the challenges, risks and opportunities of electronic trading in global markets. He has been quoted in the NY Times, WSJ, Bloomberg, FT, IBD, Reuters print and TV, BBC World Service, etc.

Professor Donefer earned his M.B.A. from NYU Stern.

MICHAEL MacKENZIE, Financial Times

Michael Mackenzie is the US Markets Correspondent for the Financial Times. His beat includes capital markets coverage, including interest rates and credit derivatives.

Prior to joining the FT, Mackenzie covered capital markets for Dow Jones Newswires from 2000 to 2006, where he wrote the “Derivatives Diary” column beginning in 2005. During this time, he regularly appeared in the Wall Street Journal’s credit markets section.

Previously, he was an interest rate swap options broker for Tullett & Tokyo in Japan, New York, Toronto, London and Hong Kong. He worked as a graduate assistant in 1991 for the Western Australia Royal Commission into Government and Business Corruption During the 1980s.

In 2008, Mackenzie and the FT markets team won a Society of American Business Editors and Writers Award in the breaking news category for their coverage of the US Federal Reserve.

Mackenzie received his Bachelor’s degree in economics from the University of Western Australia in 1991. He completed his CFA Level 1 in 1998 and attended the New York Film Academy in 2000


6:00 pm - Registration
6:15 pm - Discussion
7:30 pm - Q&A
8:00 pm - Networking Reception


Registration is now closed!

If there are any inquires regarding registration please:

  1. Call us at 646-312-3231
  2. E-mail us at

cuny Logo cuny Logo
Baruch College/CUNY | Zicklin School Of Business | 646-312-1000 | Copyright © 2014
One Bernard Baruch Way, New York, NY 10010 ( 55 Lexington Avenue at East 24th Street, NYC )

FAQ | News | Events Listing | About This Website | Text Only